Bank of Hawaii total assets reach $10.53B

Bank of Hawaii’s total assets increased to $10.53 billion during the first quarter of 2006, reflecting a 6-percent growth compared with the same period last year.

The bank also posted a $45.4 million net income from January to March this year, which is essentially unchanged from $45.5 million in the first quarter of 2005, and up from $44.8 million in the fourth quarter of 2005.

The bank reported diluted earnings per share of 87 cents for the first quarter of 2006, up from 83 cents during the same period last year, and 86 cents in the last quarter of 2005.

Further, the bank said that its board of directors has declared a quarterly cash dividend of 37 cents per share on the company outstanding shares.

The dividend will be payable on June 14, 2006 to shareholders at record as of May 31.

The bank said that during the first quarter this year, it repurchased 700,000 shares of common stocks totaling $34.7 million, with the average cost of $53.22 per share.

It said that from the beginning of its repurchase program in July 2001 through March 31, 2006, the company has repurchased a total of 40.6 million shares and returned nearly $1.37 billion to shareholders at an average cost of $33.63 per share.

It said that from April 1 to 21, 2006, the company repurchased an additional 130,000 shares of common stock at an average cost of $53.18 per share.

Remaining buyback authority under the share repurchase program was $76.4 million as of April 21 this year, it said.

$620M UP TOTAL ASSETS

The bank said that, as of March 31 this year, it realized a $620 million growth in assets from $9.91 billion in March 2005 and up $341 million from $10.19 billion as of December 2005.

Bank of Hawaii reported total loans and leases at $6.25 billion as of March 31 this year, up $230 million from $6.02 billion last year.

Total deposits totaled $8.15 billion as of end of March this year, up $386 million from $7.76 billion from March last year.

“Bank of Hawaii had a good start in 2006 with solid performance in the first quarter,” said Allan R. Landon, BoH chairman and CEO, expressing optimism that the bank would achieve its goals for the remainder of the year.

It said that its previous earnings estimate of net income for 2006 remains unchanged at some $187 million, including a $17-million provision for credit losses.

It said that an analysis of credit quality is performed quarterly to determine the adequacy of the reserve for credit losses.